REMITTANCE OF INDIAN IMMIGRANTS: CATALYTIC FOR SOCIO-ECONOMIC DEVELOPMENT

Abstract

Immigrants have become an integral component of socio-economic development, and play a diverse set of roles, preserving a range of influences on the economy of their origin. International migration, usually network-driven is a natural consequence of capitalist market formation in the developing world penetrating peripheral regions. Every year 2.5 million (25 lakh) Indians migrate overseas, which is the highest annual number of migrants in the world. Indians represent the second largest U.S. immigrant group, after Mexicans and ahead of Chinese and Filipinos. The 2.7 million Indianimmigrants residing in the United States as of 2021 made up 6 per cent of the total foreignborn population, and their numbers continue to expand. USA ranks second on the list with so many growth opportunities accessible for Indians in the spheres of technology and biological sciences. Based on secondary sources of data, the present research assesses the trend, major flow of immigrants and their contribution to the development of Indian economy, which concludes that with the help of remittances, immigration can contribute positively to the developmental activity of a country, including employment, economic growth, poverty reduction, social empowerment, and technological progress.